Ripple price sheds non-believers and explodes to three-year high
- Ripple price is up by 136% in the past week after a massive rally.
- Credible reports suggest that Ripple lawyers have done really well with the SEC lawsuit.
- XRP now faces significant selling pressure, but the number of whales continues to rise.
Ripple price experienced one of its biggest and fastest rallies, gaining 136% in just one week and hitting a new three-year high at $1.5. The digital asset has regained a lot of investors’ confidence in the past two weeks as it seems Ripple is closer than ever to winning the SEC lawsuit.
Ripple price unstoppable rally might not be over just yet
Ripple price hit $1.5 on April 11 and had a mild correction down to $1.30. The digital asset hit the 141.4% Fibonacci level at $1.51 but could be on the verge of resuming the uptrend again as whales continue to accumulate.
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XRP Holders Distribution chart
Despite the massive price increase in the past two weeks, the number of whales holding at least 10,000,000 XRP coins grew by 10 holders. This is significant, because it shows large holders are not inclined to sell even after a 100% rally.
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XRP Active Addresses chart
It is clear that old and new investors are extremely interested in XRP again as the number of active addresses has exploded in the past week, jumping from an average of 13,400 per day to a peak of 41,600.
XRP/USD daily chart
A breakout above the previous high at $1.5 could push Ripple price toward $1.7, which is the 161.8% Fibonacci level. However, the digital asset is facing some short-term selling pressure.
XRP/USD 3-day chart
The TD Sequential indicator has just presented a sell signal on the 3-day chart, which in the past has been an extremely reliable signal. The nearest support level is $1.19, which would be the price target of the bears.
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XRP MVRV ratio (30d)
The MVRV ratio (30d), a metric that shows the average profit or loss of XRP tokens moved in the last 30 days, is extremely overextended. It almost touched its highest peak since November 24, when Ripple price exploded by 200%. This indicates that XRP is at significant risk of a major correction, adding credence to our theory above.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
